Turnpage

Please visit our sponsors

RSS Feed
 

Current News & Press

 

Advertisement

The Bahamas Investor

News & Press Archives

 
The Bahamas Investor on facebookFollow The Bahamas Investor on TwitterSubscribe to RSS feeds from The Bahamas Investor
HOME > 
News & Press > 
Product innovation, diversity key to growth in FS

The diversity of product offerings in The Bahamas' financial services sector will help insulate the jurisdiction against market volatility and increasingly burdensome regulation, Minister of Financial Services Ryan Pinder told attendees at the Society of Trust and Estate Practitioners Caribbean Conference today. 

Source:
Date:
Updated:
TheBahamasInvestor.com
Wednesday, May 14, 2014
Wednesday, May 14, 2014

Minister of Financial Services Ryan Pinder

Pictured: Minister of Financial Services Ryan Pinder speaking at the Atlantis Resort on Paradise Island. (Photo Harry Cutting/©Dupuch)

The diversity of product offerings in the Bahamas’ financial services sector will help insulate the jurisdiction against market volatility and increasingly burdensome regulation, Minister of Financial Services Ryan Pinder told attendees at the Society of Trust and Estate Practitioners (STEP) Caribbean Conference today.

In his address, the Minister said one of the biggest challenges facing The Bahamas, and other Caribbean international financial centres (IFCs), is the move towards a global standard of automatic exchange of information. He indicated that jurisdictions needed five key elements to ensure growth in the face of pressure from multilateral bodies concerned with transparency: independence and sovereignty; a sound reputation; new product development; sustained engagement with the international community; and diversity of offerings.


“In order for the financial services industry to advance, the industry itself must transform,” he told conference delegates at Atlantis Paradise Island. “Having financial centres that are full service offerings is imperative to our preservation and imperative to growth.”

“The Bahamas prides itself on having diversified operating entities in all sectors of the financial services industry [and] a clear focus on diversifying through service providers in our country.”

Minister Pinder said that The Bahamas has already seen “considerable growth” from broadening its range of services. The number of funds registered in The Bahamas grew by 50 per cent from 2012 to 2013 and the number of captive entities in the country increased by more than 60 per cent over the same period.

In addition to diversifying, countries must also focus on product innovation, said Pinder, who highlighted the success of The Bahamas’ SMART Fund model in Latin America.

“Product innovation is fundamental,” he said. “New product development is key to expanding opportunities.”

“I think we have a bright future, but we have to have a future based on engagement, innovation and being nimble and responsive to the changing world environment.”

cmorris@dupuch.com

Comments are closed.

The global economic outlook is "sunny," according to chief economist with Berenberg Bank Dr Holger Schmieding, who says the major markets of China, the US and the Eurozone are rebounding after a difficult year.

Local businessman Robert Myers has been elected as chairman of the Bahamas Chamber of Commerce and Employers Confederation. Watch a ZNS Network news report here.

The Bahamas Investor
Administrative Links
  


  © 2017 ETIENNE DUPUCH JR PUBLICATIONS LTD